Bumiputera corporate equity yet to reach 30%


THE Bumiputera corporate equity ownership is still below the government’s 30% target, as it stood at 16.2% in 2015.

Deputy Minister in the Prime Minister’s Department (Economy) Arthur Joseph Kurup told the Dewan Rakyat yesterday that the target could not be achieved due to several reasons such as lack of Bumiputera involvement in professional sectors and the shortfall in asset ownership by the group.

“Empowering the Bumiputera agenda requires a bold and radical strategy that has a quantum leap to change the landscape.

“The government has established the Bumiputera Prosperity Council, chaired by Prime Minister Tan Sri Muhyiddin Yassin, to become the highest social platform to discuss the matter,” he said in his reply to (Barisan Nasional-Pontian) MP Datuk Seri Ahmad Maslan.

On the prospect of recovery for the tourism sector, Joseph Kurup said the sector is expected to be fully recovered once Covid-19 vaccines are widely acquired by economically-advanced countries.

“It is expected to recover once the vaccines are acquired by many countries, which will reassure them to open their borders, including Malaysia.

“For now, Malaysia is focusing on domestic tourism, which is through the introduction of the travel bubble to stimulate local tourism and airline sectors,” he said.

Earlier, Joseph Kurup said manufacturing and agriculture sectors were the two major contributors to the country’s economic growth amid the pandemic.

He told the Dewan Rakyat the current indicators showed that the economy is improving, such as the Manufacturing Production Index, which rose 2.1% in September 2020 compared to a decline of 2.1% in August.

The sales value of manufacturing production also recorded an increase of 3.7% in September to RM121.2 billion, he added.

“The services sector has been the largest sector contributing to Malaysia’s economic growth. This sector’s contribution to GDP was 57.7% in 2019.

“The second-largest sector is manufacturing which contributed 22.3% to the GDP, followed by the agricultural sector, the mining and quarrying sector, of which each contributed 7.1% respectively.

“The fifth sector is the construction which contributed 4.7% to GDP during the same period,” he said.

Read our earlier report

Manufacturing, agriculture biggest contributors during pandemic